What Exactly Will Be in the Apple TV? (Update 2)

Investors are keen to hear more about the Apple TV. Here's a roundup of what the technology might offer. (The rendering above is a guess of how it may look.)

The features of the proposed Apple iTV could potentially separate the device from other television sets. Analysts, bloggers, journalists and tech pundits galore have spent countless hours speculating on what the new television set will, and won't, have.

From the App Store, to Siri, to iCloud, the possibilities are seemingly endless for Apple TV. There are even rumors that Apple is working on an remote that would control multiple devices, and make set up much easier for the customers. Perhaps this is what Steve Jobs meant when he said he had "finally cracked it" while discussing the television set with his biographer, Walter Isaacson.

Other rumors have gone so far as to suggest that the "iTV" will not need a remote control at all. Rather it will be controlled solely through hand motion technology, perhaps aided by Siri.

Piper Jaffray analyst Gene Munster speculated on Apple TV in a recent note and believes the App Store, Siri, iOS, and iCloud will be major features of the product.

"Apple's strong iOS developer community would likely jump at the chance to build apps for an Apple Television, and Apple's iOS users would likely jump at the chance to buy one," Munster wrote. Siri, he added, would "simplify the chore of inputting information like show titles, or actor names, into a TV (typically with a remote)." Munster rates Apple overweight with a $607 price target.

There has also been talk that the television set could contain a camera, giving consumers the ability to use FaceTime, Apple's video messaging platform, as well a microphone. Barclays Capital analyst Ben Reitzes believes the TV set could transform several industries, including gaming, video communication, content delivery, apps, and computing. The TV, he explained, might be unlike anything currently on the market. Reitzes has an overweight rating on Apple and a $630 price target.

The price of the Apple television set remains unknown, although it's worth noting that Apple used to make a Cinema-wide monitor in a variety of sizes. The 30-inch size still sells for approximately $1000 on sites such as eBay ( EBAY).